Nestlé has divested its peanut allergy treatment business, Palforzia, to biopharmaceutical company Stallergenes Greer.
Headquartered in Switzerland, Stallergenes Greer specialises in the diagnosis and treatment of respiratory allergies through immunotherapy.
The deal follows Nestlé’s announcement last year, stating its intention to undertake a strategic review of Palforzia. The food giant said it will “receive milestone payments and ongoing royalties” from Stallergenes Greer.
Greg Behar, CEO of Nestlé Health Science, said: “We are confident that Stallergenes Greer will take Palforzia forward and ensure this unique treatment supports patients around the world. At the same time, the divestiture allows Nestlé Health Science to focus on its core strengths and key growth drivers.”
According to the company, a customary transition period will be implemented to ensure business continuity and to provide patients with uninterrupted access to the treatment.
Terms of the transaction were not disclosed.
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